»OIL plans to spend Rs 12,000 cr in North East for business expansion, diversification: Media Reports

OIL plans to spend Rs 12,000 cr in North East for business expansion, diversification: Media Reports

Updated: Wednesday, July 3, 2013, 13:14 [IST]

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State-run Oil India Ltd (OIL) has voiced intentions to invest approximately Rs 19,000 crore for the 12th Five-Year Plan ending 2017. Of this total capex target, the company is likely to invest a whopping Rs 12,000 crore in the North East region, said the media reports.

Of the total planned investment of Rs 3,581 crore for the current fiscal, the leading fuel retailer is expected to spend Rs 1,982 crore in the region.

The proposed investment in North East will be used for business diversification, infrastructure upgrade, general corporate purposes as well as expansion of the company's exploration operations, the report stated.

After setting up 2 wind energy plants in Rajasthan, OIL is also planning to such units in the North East to expand its presence in the wind energy sector. Besides, the company is investing Rs 871 crore to revamp as well as upgrade its pipelines from Duliajan, Assam to Barauni, Bihar, the report added.